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Energy

AP News | Equities.com |

The world is awash in oil, there’s little demand for it and we’re running out of places to put it. That in a nutshell explains Monday’s strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal with the oil they were due to have delivered next month. The price of U.S. benchmark crude that would be delivered in May was selling f...



Reuters | Equities.com |

U.S. oilfield services giant Halliburton on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies as U.S. crude futures plunged to two-decade lows. U.S. oil prices have collapsed 80% since January and on Monday traded under $11 a barrel CLc1, a 34-year low, and below many shale drillers’ cost of production. The coronavirus pandemic has crushed oil demand ...


Reuters | Equities.com |

Image source: iStockphoto, Leonid Ikan By David Gaffen (Reuters) - Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude. May U.S. crude futures plunged to a depth never before seen, settling on the day at minus $37.63 a barrel, a decline of some 305%, or $55.90 a barrel. Prices ...


Reuters | Equities.com |

U.S. solar panel maker SunPower Corp on Monday said it had temporarily stopped production at all of its factories in five countries as the coronavirus outbreak ravages demand for its products. The company, which primarily makes panels for the rooftop solar market, idled facilities in France, Malaysia, Mexico, the Philippines and the United States, it said in a filing with the U.S. Securities and Exchange Commission. SunPower said it expected to bring the factories back...


Reuters | Equities.com |

An extreme situation has developed in the U.S. crude oil futures markets, as the current front-month May contract expiring on Tuesday has dropped by a whopping 40%, opening up the widest gap ever between it and the next contract, nearly $11 a barrel.That gigantic spread is the result of the shocking fall in demand due to the coronavirus pandemic and glut of global crude supply hitting the markets all at once. While oil-producing nations have inked a deal to cut output,...


AP News | Equities.com |

World shares turned lower on Monday as momentum from last week’s rally faded and oil prices retreated, with the U.S. crude contract plummeting to a two-decade low under $12 a barrel.A fresh crop of grim economic data is also expected this week and is likely to further illustrate the damage done to the world economy as governments look hopefully for a date to end their lockdowns.The DAX index in Germany, where some business activity was starting to resu...


AP News | Equities.com |

By Ealine KurtenbachBANGKOK (AP) — Global stock markets rose on Friday as more governments planned for a phased reopening of parts of their economies, while the U.S. benchmark for oil continued to slide, falling below $19 a barrel.Markets held up after the news that China’s economy contracted 6.8% in the last quarter from a year earlier as the country battled the coronavirus. It is the worst downturn since 1979 but better than some analysts had feared.Sentiment was lifted also by news of ...


Reuters | Equities.com |

(Reuters) - The Trump administration is expected on Thursday to withdraw the legal justification for an Obama-era rule that forced coal-fired power plants to cut their mercury emissions, according to three sources familiar with the matter.The move would leave the so-called Mercury and Air Toxic Standards in place for now, but could pave the way for lawsuits from companies opposed to it and prevent similar regulations from being implemented in the future, the sources said.An Environmental Protect...


Reuters | Equities.com |

Oil fields from Texas and New Mexico to Oklahoma and North Dakota are going quiet as drilling halts and tens of thousands of oil workers lose their livelihood.